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Sunstate Equipment sold 25 of its properties to Sovereign Investment Co., Princeton, N.J., for $36.4 million. The Phoenix-based rental company will lease back the properties located in Arizona, California, Colorado, Nevada, Oklahoma, Texas and Utah.
Sunstate executive vice president Beno Jurgemeyer described the transaction as a “normal course refinancing of real estate properties.”
“We have always maintained our real estate off balance sheet as much as possible,” Jurgemeyer told RER. “We are trying to be focused on the rental business, not the real estate business. This was part of the overall refinancing we needed to do as part of the buyout of Deere and we wouldn’t expect to see anything else in the future along those lines.”
Sunstate, No. 12 on the RER 100, has 46 branches, primarily in the Southwest.
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